Falcon Oil & Gas Ltd.: Technical Update, Be...

FOR:  FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL:  FO
AIM SYMBOL:  FOG
ISE SYMBOL:  FAC

September 14, 2016

Falcon Oil & Gas Ltd.: Technical Update, Beetaloo Basin, Australia And Northern Territory Government Moratorium

DUBLIN, IRELAND--(Marketwired - Sept. 14, 2016) - Falcon Oil & Gas Ltd. ("Falcon" or the "Company" or the "Group") 
(TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) provides the following technical and operational update.

Beetaloo W-1 well 

Drilling operations have successfully concluded on the Beetaloo W-1 well. Results encountered are very 
encouraging, with the well drilled to a total depth ("TD") of 3,173 meters.

Preliminary evaluation of this vertical exploration well confirms: 

--  The continuation of the regionally pervasive Middle Velkerri formation
    approximately 85 kilometers south of the Kalala S-1 and Amungee NW-1H
    wells; 
--  A gross interval of over 570 meters shale gas sequence with net pay
    exceeding 150 meters; 
--  Middle Velkerri shale falls in a highly prospective gas mature depth
    window; 
--  Excellent gas shows at two prospective shale sweet spots at the top and
    base of the Middle Velkerri formation, comparable to those encountered
    during the 2015 drilling programme; 
--  The Lower Kyalla formation, considered as a secondary shale target,
    provided excellent gas shows within a 150 meter thick liquid rich
    sequence. 

Conventional coring in the Lower Kyalla formation along with sidewall cores and extensive wireline logging in the 
Middle Velkerri formation will enable a full-scale evaluation of prospectivity in the southern part of the 
Beetaloo basin. As planned, the well was cased to TD and suspended.

Rig 185 has been released and demobilised.

Hydraulic Stimulation of the Horizontal Amungee NW-1H Well

--  Hydraulic stimulation of the horizontal Amungee NW-1H well has been
    completed. 
--  11 hydraulic stimulation stages were performed over a 1,000 meter
    horizontal section. 
--  The flow back of hydraulic stimulation fluids has commenced, and gas
    should start flowing back to surface in the next week or two. 

Northern Territory Government Moratorium

Falcon notes the statement made by Chief Minister Michael Gunner, of the newly elected Government in relation to 
the introduction today of a moratorium on hydraulic fracturing in the Northern Territory, Australia. The Chief 
Minster states that:

"The moratorium on hydraulic fracturing of onshore unconventional reservoirs within the Northern Territory will 
remain in place until government has thoroughly considered the recommendations of the (independent scientific) 
inquiry."

The joint venture will work with the new Government to understand their moratorium policy and shall cooperate with 
them as required during their scientific inquiry.

Philip O'Quigley CEO of Falcon commented on the results:

"The results of Beetaloo W-1 to date and the successful hydraulic stimulation of Amungee NW-1H represent further 
positive steps for the exploration phase of the program. Encountering significant net pay in the Middle Velkerri 
formation, 85 kilometres from our 2015 drilling programme along with significant net pay in the Lower Kyalla 
formation is very encouraging. 

Updates to the market shall be provided as the evaluation of Beetaloo W-1 is completed and a steady gas flow rate 
is established on Amungee NW-1H. We will also provide further information on the moratorium as it becomes 
available."

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. 
Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije 
Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE. 

About Falcon Oil & Gas Ltd. 

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development 
of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South 
Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, 
Ireland with a technical team based in Budapest, Hungary. 

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Origin Energy 

Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in 
energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned 
and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its 
leadership in the supply of green energy, Origin also aspires to be the number one renewables company in 
Australia. 

Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is 
developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base.

www.originenergy.com.au

About Sasol 

Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 
30,100 people working in 33 countries. Sasol develops and commercialise technologies, and build and operate world-
scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-
carbon electricity.

Sasol, through its subsidiary, Sasol Exploration and Production International ("E&PI") develops and manages the 
group's upstream interests in oil and gas exploration and production in Mozambique, South Africa, Australia, 
Canada and Gabon. It produces natural gas and condensate from Mozambique's Pande and Temane fields, shale gas from 
their share in the Farrell Creek and Cypress A assets in Canada, and oil in Gabon through their share in the 
offshore Etame Marin Permit. E&PI sells Mozambican gas under long-term contracts to Sasol Gas and external 
customers, condensate on short term contracts, while selling Canadian gas into the market at spot prices. Oil is 
sold to customers under annual contracts. For more information go to www.sasol.com. 

Glossary of terms 

A$ Australian dollar 

CSG Coal seam gas 

LNG Liquefied natural gas 

LPG Liquefied petroleum gas 

MW Megawatt 

PJ(E) Petajoule (equivalent) 

Km Kilometers

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Certain information in this press release may constitute forward-looking information. This information is based on 
current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such 
information may include, but is not limited to comments made with respect to the type, number, schedule, 
stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected 
contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays and the prospect of 
the exploration programme being brought to commerciality. Actual results might differ materially from results 
suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking 
statements, or to update the reasons why actual results could differ from those reflected in the forward looking-
statements unless and until required by securities laws applicable to Falcon. Additional information identifying 
risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings 
are available at www.sedar.com. 

FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
[phone]

OR

Philip O'Quigley
CEO
[phone]

OR

Michael Gallagher
CFO
[phone]

OR

Davy (NOMAD & Broker)
John Frain / Anthony Farrell
[phone]

Falcon Oil & Gas Ltd.